Caesars withdraws from Mass.-casino venture

Caesars Entertainment Corp. withdrew from a partnership seeking a Massachusetts gambling license after a report on its involvement by state regulators became an obstacle to the casino project, Bloomberg News reported last week. More

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entertainment

Caesars withdraws from Mass.-casino venture

Posted:
Saturday, October 26, 2013 12:05 am

Caesars Entertainment Corp. withdrew from a partnership seeking a Massachusetts gambling license after a report on its involvement by state regulators became an obstacle to the casino project, Bloomberg News reported last week.

Partner Suffolk Downs asked Caesars to withdraw following an investigation by the state’s gaming commission, according to a statement last week from the horse-track operator, which didn’t specify the findings and said it was confident it would receive approval on its own.

Massachusetts regulators cited in their report concerns about the company’s financial structure, according to a person with knowledge of the matter who wasn’t authorized to speak publicly.

Suffolk Downs is competing with two other operators for the sole casino resort license in the Boston area. The other applicants are Wynn Resorts Ltd. and Crossroads Massachusetts LLC, which is affiliated with Connecticut’s Foxwoods casino.

Voters in East Boston, where Suffolk Downs is located, are being asked to approve a host agreement in a Nov. 5 election. The state’s five-member commission is expected to pick a winner of the Boston-area license by April, according to its website. •

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